Bitcoin is up to $68,000 on Thursday morning after a volatile stretch that wiped out post-election gains; liquidations stand at $338.20 million over the past 24 hours.
Bitcoin ETFs saw $276.3 million in net outflows on Wednesday, while Ethereum ETFs reported $129.18 million in net outflows.
The meme coin sector rose 2.1% to $33.6 billion, following the broader crypto rebound.
Trader Commentary:
Crypto trader Jelle said that whether this marks the ultimate bottom or not, markets typically provide time to accumulate. The key signal to watch is basing behavior combined with early bullish structure, not just a sharp bounce.
Crypto chart analyst Ali Martinez noted that Bitcoin has historically formed cycle bottoms below its 1,130-day simple moving average, which currently sits around $66,500, a level closely watched by long-term participants.
For Ethereum, CryptoBusy highlighted a critical long-term support zone. A strong weekly close below $1,900 would weaken the broader structure and open downside toward $1,600 and possibly $1,300.
CryptoBully said Solana’s failed attempt to reclaim strength after bouncing in the $70s leaves it trading below $90 with no clear momentum shift.
Unless SOL reclaims $100 and confirms a trend reversal, the broader trend remains bearish. A breakdown of recent lows could expose a move toward the low $60s.
Bitcoinsensus noted Dogecoin is sitting on a key historical support level, a multi-year trendline dating back to 2017 that may act as a major defense zone.
Chart analyst Ali Martinez added that Shiba Inu appears to be breaking out of its current price channel, potentially setting up upside momentum toward the $0.00000138 level.
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